Stamp Authorities Can't Challenge Court-Approved Auction Sale Price as Market Value, Says Supreme Court Ruling.

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....This case deals with the levy of deficit stamp duty and penalty in a court-conducted auction sale. The key points are: In a court-supervised auction sale, the stamp authorities cannot determine the true market value of the property sold and levy stamp duty based on that valuation. Once the bid is accepted by the court-appointed committee and the sale is confirmed at the bid price, which is above the reserve price, that price is considered the market value. The Supreme Court has conclusively held that in a court auction, the registering authority cannot question the market price determined by the court's sale process, as it would amount to sitting in appeal over the court's decision. The transparent court auction process is considered one of.........